India’s FinTech Revolution: Emerging FinTech Startups

According to a report on FinTech by KMPG, the transaction value for the Indian FinTech sector is anticipated to be approximately $33 billion in 2016 and is expected to reach $73 billion in 2020. The growth in smart phones and consumers’ willingness to transact online has spawned a large number of start-ups, who are trying to take advantage of this opportunity.

Here are a few other FinTech Startups from India that were showcased in the Mint FinTech Summit 2016:

• ToneTag (Naffa Innovations Pvt Ltd)

ToneTag from the year 2013 provides an app that enables contactless payments on any device, bringing an Apple Pay like experience to millions of Indians, without having to add any infrastructure. This is by done using sound waves to enable proximity-based payments. ToneTag talks to a merchant’s point-of-sale system using encrypted sound waves, and works even with background noise. The system works well, even without mobile Internet. ToneTag offers a patent-pending software development kit that can be integrated into applications that would either accept payments based on tone, or based on near-field communication depending on the merchant.

ToneTag

• Unocoin (Unocoin Technologies Pvt. Ltd)

Unocoin founded in the year 2013, operates a Bitcoin wallet that Indian users can use to sign up and buy or sell bitcoins. Unocoin has partnered with various companies around the world such as BTCjam, a peer-to-peer lending marketplace using bitcoins, and Purse, which helps translate Amazon gift card balances to bitcoin and rupees. It has also partnered with wallet provider MobiKwik and lets its users transact on MobiKwik with the help of bitcoins. It even launched a point-of-sale app for merchants to accept money through bitcoins.

Unocoin Technologies

• SayPay Technologies Inc

SayPay Technologies, founded in 2013 is a biometric authentication provider that works on identifying customers uniquely based on biometrics like sound. SayPay Technologies users speak a one-time code instead of a password which is much more secure than the one-time-passwords that are in use. An entire transaction can be completed in seven seconds. The start-up, which has filed a patent for this technology, has partnered with two banks and is looking to partner with more. It says it can be extended to most financial transactions, including consumer bill payments, e-commerce, payment gateway integration, step-up authentication, P2P (peer-to-peer) transfers and corporate payment approvals. It works with both, feature phones as well as smartphones.

SayPay Technologies

• Scripbox (Scripbox.com India Pvt. Ltd)

Scripbox started in the year 2012, offers an online mutual funds investment platform for individuals. When they sign up, individuals can decide how much they want to invest— be it monthly or long-term—in equities, debt fund and tax-savings fund or equity linked savings scheme. The funds presented to the users are chosen by algorithms and have no manual intervention. Scripbox doesn’t charge users but makes money by getting a distributor commission from asset management companies. However, it doesn’t have any tie-ups with them and takes the commission they hand out.

Scripbox

• Senseforth (Senseforth Technologies Pvt. Ltd)

Senseforth started in 2012, offers an artificial intelligence platform that can offer all the services of a bank has over chat. The platform, called A.ware, has been bench-marked against various industry standards, and the start-up claims it performs better in most respects. Senseforth has at least 12 different bots that are capable to perform functions as varied as evaluating risks facing businesses and providing alerts to avoid adverse impact.  It even helps the businesses comply with regulations, standards and governance-related issues, one that surfaces a business’ products and services where needed, as well as structuring personalized portfolios to your customers and advises on investment opportunities. It works with clients such as HDFC Bank Ltd and T-Mobile International AG.

Senseforth Technologies

Watch the events’ webcast where experts discussed on ‘Regulations that make it conducive for FinTech’ at Mint FinTech presented by Capital First which took place on 30^th June, 2016 in Bangalore.

Know about the other startups showcased at Mint FinTech Summit 2016 by clicking at the following link: http://mintevents5.blogspot.in/2016/07/indias-fintech-revolution-emerging.html

India’s FinTech Revolution: Emerging FinTech Startups

Mint FinTech Summit 2016: India's FinTech Revolution

The mounting collaboration between technology and finance has fired the imagination of entrepreneurs to come up with innovative ideas, thereby escalating the scope of India’s tech startups. According to a report by Nasscom, there are close to 400 companies in India which are focused on the fin-tech market globally.

So, here are a few emerging FinTech start-ups from India that were showcased in the Mint FinTech Summit 2016:

• Active.Ai (Active Intelligence Pte Ltd)

Active.Ai, founded in 2016 is a platform that offers Chat Bots for large banks to interact with their customers in the format that they’re most contented with. The more customers interact with the application, the more the Artificial Intelligence behind it, learn about them and offer personalized advice and service, increasing engagement as well as loyalty of the customers. The use cases range from getting the balance in the account to transferring money to friends and paying bills. The bot can be integrated via various utility channels, including Wechat, LINE, Kakao Talk, Facebook Messenger, Amazon Echo and Siri.

Active.Ai

•  Hummingbill (Hummingbill Technologies India Pvt. Ltd)

Hummingbill (2015) accounts receivable software for small businesses to help them automate receivables. One of the biggest problems faced by small businesses is of not receiving their payments on time, often due to clerical errors or logistics issues. Hummingbill hopes to help them overcome this with a simple tool for financial officers and accountants. Its software works as a plug-in for Gmail enabling businesses to create invoices and track them. It also allows one to mechanize payment reminders as well as track the collection routine of sales representatives and account managers.

HummingBill Technologies

• mymoneysage.in (Shreem Datatech Solutions Pvt. Ltd)

This start-up from 2015, offers Cloud-based Money Management software for individuals as well as financial advisers. Individuals can not only add their bank accounts, investment accounts, insurance accounts, rather get actionable advice from experts. For advisers, this works like a customer relationship management software where they can create and manage tasks, offers SMS and e-mail reminders about client and prospect meetings and a dashboard where they can manage all their client data in one place. It also helps them get more visibility in a marketplace it offers and at the same time acquire new clients.

mymoneysage.in

• Tauro Wealth (Tauro Investment Advisors Pvt. Ltd)

Tauro Wealth is a robo advisory start-up founded in 2015, targeting individuals who are confused and intimidated by the stock markets. It tries to make it simple for them to invest in a stock portfolio by offering, individuals a primer on understanding what stock investing is about and making them aware of the risks involved. Tauro Wealth generates portfolios using proprietary algorithms to minimize manual intervention and remove human errors or personal biases. Tauro Wealth’s investment portfolios are built to achieve a mix of passive and active investment strategies.

Tauro Wealth

• fonePaisa (fonePaisa Payment Solutions Pvt. Ltd)

FonePaisa, founded in 2014 offers multiple payments solutions. For an individual, it offers a wallet that aggregates the most popular payment options, including other wallets, enabling them to carry out transactions at various retailers and pay their utilities’ bills. For merchants, it offers a payment gateway to accept payments, and also offers them software to create loyalty programmes, targeted marketing campaign, and show merchants a consolidated reporting and monitoring dashboard. FonePaisa also offers businesses accounts receivable software that automates matching payments to invoices, eliminates manual processes while reducing the costs.

FonePaisa

These were the few startups in the Indian FinTech Sector. Look out for more in our next blog.

Watch the events’ webcast where experts discussed on ‘Regulations that make it conducive for FinTech’ at Mint FinTech presented by Capital First which took place on 30^th June, 2016 in Bangalore.

Know about the other Startups showcased in Mint FinTech Summit 2016, by clicking on the following link:

mintevents5.blogspot.in/2016/07/indias-fintech-revolution-emerging_13.html